The 2,000-member Southwest Chicago Chapter Credit Union has joined CO-OP Shared Branching through affiliating with the Credit Union Centers, the shared branch vender managed with the Indiana Credit Union League.
In announcing its affiliation, the $19 million CU said shared branching should help provide an additional source of income to help it manage income declines due to slumping demand for loans. It also saw shared branching as a way of increasing member convenience.
Southwest hopes to conduct at least 300 shared branch transactions per month, in part thanks to a branch a few blocks away from the U.S. Cellular Field, home to the Chicago White Sox major league baseball team.
“Earlier this year we had a $4 billion credit union join our network to enhance its member services by providing more branches,” said Dan Davis, chief financial officer of CU Centers. “With Southwest Chicago Chapter, we have a $19 million credit union needing the exact same thing, which shows the versatility of shared branching and how it can greatly assist credit unions in the same manner of any size.”